Hilltop Holdings Adds Directors, Acquires Lendkey Mortgage Business

Ticker: HTH · Form: 8-K · Filed: 2024-05-03T00:00:00.000Z

Sentiment: neutral

Topics: board-changes, acquisition, mortgage-industry

TL;DR

Hilltop Holdings adds 2 directors and PrimeLending buys Lendkey's mortgage biz. Expect Q3 close.

AI Summary

Hilltop Holdings Inc. announced on May 1, 2024, the election of two new directors, Gerald B. Smith Jr. and Dr. Elizabeth L. Vale, to its Board of Directors. Additionally, the company reported that its wholly-owned subsidiary, PrimeLending, has entered into a definitive agreement to acquire the mortgage origination business of Lendkey Technologies, Inc. The acquisition is expected to close in the third quarter of 2024.

Why It Matters

The addition of new directors and the strategic acquisition of Lendkey's mortgage business by PrimeLending indicate potential growth and strategic shifts for Hilltop Holdings.

Risk Assessment

Risk Level: medium — The acquisition of a business unit introduces integration risks and potential financial liabilities, while board changes can signal strategic shifts that may or may not be successful.

Key Players & Entities

FAQ

Who are the newly elected directors to Hilltop Holdings' Board?

Gerald B. Smith Jr. and Dr. Elizabeth L. Vale were elected as new directors.

Which subsidiary of Hilltop Holdings is involved in the acquisition?

PrimeLending, a wholly-owned subsidiary of Hilltop Holdings, is acquiring the mortgage origination business.

What business is PrimeLending acquiring?

PrimeLending is acquiring the mortgage origination business of Lendkey Technologies, Inc.

When is the acquisition expected to close?

The acquisition is expected to close in the third quarter of 2024.

What is the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported is May 1, 2024.

From the Filing

0001104659-24-057049.txt : 20240503 0001104659-24-057049.hdr.sgml : 20240503 20240503170105 ACCESSION NUMBER: 0001104659-24-057049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240501 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240503 DATE AS OF CHANGE: 20240503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hilltop Holdings Inc. CENTRAL INDEX KEY: 0001265131 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 841477939 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31987 FILM NUMBER: 24914208 BUSINESS ADDRESS: STREET 1: 6565 HILLCREST AVE. CITY: DALLAS STATE: TX ZIP: 75205 BUSINESS PHONE: 214.855.2177 MAIL ADDRESS: STREET 1: 6565 HILLCREST AVE. CITY: DALLAS STATE: TX ZIP: 75205 FORMER COMPANY: FORMER CONFORMED NAME: AFFORDABLE RESIDENTIAL COMMUNITIES INC DATE OF NAME CHANGE: 20030929 8-K 1 tm2413426d1_8k.htm FORM 8-K false 0001265131 0001265131 2024-05-01 2024-05-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares       UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM  8-K   CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934   Date of Report (Date of earliest event reported):   May 1, 2024   Hilltop Holdings Inc. (Exact name of registrant as specified in its charter)   Maryland   1-31987   84-1477939 (State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)   6565 Hillcrest Avenue     Dallas , Texas   75205 (Address of principal executive offices)   (Zip Code)   Registrant’s telephone number, including area code: ( 214 ) 855-2177       (Former name or former address, if changed since last report.)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):   ¨             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ¨             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ¨             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ¨             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act: ​ Title of each class ​ Trading Symbol ​ Name of each exchange on which registered Common Stock, par value $0.01 per share ​ HTH ​ New York Stock Exchange   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.   Emerging growth company ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨             Section 5 – Corporate Governance and Management   Item 5.02 Depar

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